WORK OF FRIENDLY SOCIETIES

Southland Times, Issue 25533, 29 November 1944, Page 4

WORK OF FRIENDLY SOCIETIES

FINANCIAL BENEFITS FOR MEMBERS The field for the operations of friendly societies has been narrowed since the inception of the Social Security Act, 1938, but three of the larger societies have introduced into New Zealand a scheme for the benefit of members. It is based on the laws of the credit unions or people’s banks, of North America and has for its objects the promotion of thrift among members and the creation of a source of credit for them to obtain temporary advances on easy terms.

The growth of the Credit Union movement In North America was described in an address delivered to members of the Southland District, Independent Order of Oddfellows, by Mr R. E. Sligo, of Dunedin, a director and secretary-treasurer of the 1.0.0. F. Credit Investment Society, one ,o£ the first credit unions to be registered in New ZeaSligo said that the idea behind the scheme was for members to pool their savings and borrow from the pool when in need of ready cash. Mr Edward A. Filene spent 30 years of his life and a substantial fortune to bring the benefits of credit unions to the wage-earners of America and of the world. As a result of the work of this great-hearted and magnanimous man there were in America today more than 10,000 credit unions, having over 3 000,000 members and £100,000,000 in assets. In 1941 about half this colossal sum was outstanding in loans to members. •‘The scheme is making steady progress throughout New Zealand,” said Mr Sligo, “and will continue to progress as the ideas on which it is based become more widely understood." A branch of the 1.0.0. F. Credit and Investment Society has been formed in Invercargill under the organization and administration of the District Control of the Grand Lodge of New Zealand, Independent Order of oddfellows.